US Revokes Hong Kong's Special Status, Including Asset Freezes and Export Exception Removal

Adjustment of Refugee Accommodation Scale for Hong Kong Residents
Termination of Judicial and Academic Cooperation Measures between the US and Hong Kong

[Asia Economy New York=Special Correspondent Baek Jong-min, Reporter Naju-seok] On the 14th (local time), U.S. President Donald Trump signed an executive order to revoke Hong Kong's special status. He also signed a bill sanctioning banks that deal with Chinese officials involved in the enforcement of China's Hong Kong National Security Law (Hong Kong Security Law).

[Image source=Reuters Yonhap News]

The executive order signed by President Trump includes freezing the U.S. assets of those who have undermined Hong Kong's democratization and removing export-related exceptions for Hong Kong.

Additionally, preferential treatment for holders of Hong Kong passports was revoked. The U.S. judged that China has reverted from the previously adopted "one country, two systems" to "one country, one system," and will treat holders of Hong Kong passports equally with holders of Chinese passports.

The extradition agreement with Hong Kong was also suspended, and the agreement on the transfer of prisoners between the U.S. and Hong Kong was terminated.

Furthermore, measures to "reallocate" the refugee intake quota for Hong Kong residents were included. Those seeking refuge in the U.S. due to persecution by China will be recognized as refugees, and the intake quota for them will be increased.

In addition, cooperation programs such as the Fulbright Scholarship Program and collaborations between the U.S. Geological Survey of the Department of the Interior and the Hong Kong University Space and Earth Information Science Research Institute will be suspended.

At a press conference held in the White House Rose Garden after signing the order, President Trump said, "Hong Kong will now be treated the same as mainland China." He added, "(Hong Kong) will have no privileges, no special economic treatment, and no sensitive technology exports." President Trump stated that ending preferential treatment for Hong Kong is a punitive measure against the oppressive actions toward Hong Kong citizens. He emphasized that he ordered the end of Hong Kong's trade privileges and highlighted that this measure is to hold China accountable for passing the Hong Kong Security Law.

President Trump also raised the issue of China's responsibility for the novel coronavirus disease (COVID-19). He stated that China will be held fully accountable for concealing and triggering COVID-19 worldwide.

This content was produced with the assistance of AI translation services.